{"id":75930,"date":"2022-11-29T16:46:09","date_gmt":"2022-11-29T16:46:09","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings"},"modified":"2022-11-29T16:57:39","modified_gmt":"2022-11-29T16:57:39","slug":"hf-bounces-back-with-sh61-5m-in-q3-net-earnings","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings","title":{"rendered":"HF bounces back with Sh61.5m in Q3 net earnings"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Listed mortgage and banking firm HF Group has posted a Sh61.5 million profit after tax for the nine months period to September 30, 2022.<\/p>\n

This is a swing back to profitability compared to the same period last year when it recorded a loss of Sh569.9 million.<\/p>\n

Chief executive officer Robert Kibaara attributed the improved performance to a turnaround strategy that focused on a diversified business model and robust risk management framework.<\/p>\n

\u201cOur business transformation strategy remains on track, with positive delivery in all areas,\u201d Kibaara said.<\/p>\n

He said the lender has put in place an aggressive non-performing loans strategy that saw this reduce by six per cent within a year, paving way for an asset re-allocation phase to support growth.<\/p>\n

Non-performing loans reduced by Sh0.53 billion, a six per cent reduction year on year.<\/p>\n

Gross earnings for the period stood at Sh77.3 million.<\/p>\n

The Group\u2019s Net Interest Income grew 14 per cent to Sh1.57 billion while Non-Funded Income grew by 66 per cent to Sh753 million.<\/p>\n

The Group closed the quarter with a 27 per cent growth in total operating income which rose to Sh2.33 billion. Total deposits grew by Sh1.2 billion.<\/p>\n

Interest earning assets grew by Sh3.4 billion while the average yield on the assets also improved year-on-year to 10.0 per cent from 9.4 per cent in the same period last year.<\/p>\n

HF attributes this to the revamp in assets and liabilities management plan.<\/p>\n

The Group\u2019s new full-service banking model saw non-interest income and income from non-bank subsidiaries increase by Sh300 million.<\/p>\n

Foreign exchange income shored up by 40 per cent underscoring the business\u2019 new grip on the Small and Medium-sized Enterprises (SME) market.<\/p>\n

Property development subsidiary grew its revenue by Sh263 million supported by growth in project management fees and commissions.<\/p>\n

\u201cA new revenue frontier in project management has already taken shape as all the subsidiaries remain profitable year to date with the insurance agency subsidiary posting a 43 per cent growth in gross profit,\u201d Kibaara said.<\/p>\n

Total expenses reduced by five per cent to Sh2.25 billion.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Listed mortgage and banking firm HF Group has posted a Sh61.5 million profit after tax for the nine months period to September 30, 2022. This is a swing back to profitability compared to the same period last year when it recorded a loss of Sh569.9 million. Chief executive officer Robert Kibaara attributed […]<\/p>\n","protected":false},"author":84,"featured_media":75929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-75930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nHF bounces back with Sh61.5m in Q3 net earnings - kenya<\/title>\n<meta name=\"description\" content=\"Listed mortgage and banking firm HF Group has posted a Sh61.5 million profit after tax for the nine months period to Sep ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HF bounces back with Sh61.5m in Q3 net earnings\" \/>\n<meta property=\"og:description\" content=\"Listed mortgage and banking firm HF Group has posted a Sh61.5 million profit after tax for the nine months period to Sep ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-29T16:46:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-29T16:57:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/11\/postQueueImg_1669727774.56.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"HF bounces back with Sh61.5m in Q3 net earnings\",\"datePublished\":\"2022-11-29T16:46:09+00:00\",\"dateModified\":\"2022-11-29T16:57:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings\"},\"wordCount\":354,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/11\/postQueueImg_1669727774.56.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/hf-bounces-back-with-sh61-5m-in-q3-net-earnings\",\"name\":\"HF bounces back with Sh61.5m in Q3 net earnings - 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